Dow: -122.65…
Nasdaq: -47.07… S&P: -13.79…
What did you expect? Nothing goes straight up or don in perpetuity, so we got a little house cleaning today. No biggy.
The S&P gapped lower today but then found a bottom before lunch and managed a slow and steady move off the lows as the day went on. It actually bounced about 12 points of the day’s lows and the Dow managed a 100 point rally off the day’s lows. All of the indexes (exception Russell 2000) did a good job of holding their moving average support levels. That’s a decent sign because it means that the dips were getting bought.
Biotech acted poorly as XBI was down 1.7%, but things were pretty much weak across the board, especially energy XLE which was down 1.8%.
Of all the new additions that were added to the P&L last nite, only FSLR triggered and that was short sale.
However, LOXO acted totally countertrend today as it was +1.36 or 3.5%. This one could be getting ready to do something, it’s a P&L name so keep your eyes on it.
PTLA also acted well considering the overall action.
Let’s see if the bulls can shake this one off and take control again, but a few more days of profit taking, in the big picture, is probably a good thing.